Bitcoin Drops Below $50K, Support Between $43K-$45K

Buying activity remains weak, which reduces the chance of a significant price increase into January.

Dec 9, 2021 at 6:34 p.m. UTC
Updated Dec 9, 2021 at 6:54 p.m. UTC

Bitcoin (BTC) continued to struggle below the $50,000 resistance level on Thursday.

The short-term downtrend over the past month remains in effect, which could limit further upside beyond $50,000-$60,000.

The cryptocurrency is down about 4% over the past 24 hours, although support at around the 200-day moving average (now at $46,500) could stabilize the current pullback.

BTC buying activity remains weak despite several oversold signals on the charts. This reduces the chance of a significant price increase heading into January, especially given the loss of upside momentum on the weekly and monthly charts.


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Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio manager at Cannon Advisors, which does not invest in digital assets. Damanick does not own cryptocurrencies.